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  4. Mitsubishi Corp. and PETRONAS sign new agreements

Mitsubishi Corp. and PETRONAS sign new agreements

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LNG Industry,

PETRONAS and Mitsubishi Corp. have strengthened their 46-year partnership with the signing of new agreements, further solidifying the trust in PETRONAS’ capabilities to deliver LNG to international markets, with a primary focus on customers in Japan.

This collaboration underscores the commitment of both parties to ensuring energy security and their shared ambition for a lower-carbon future.

The signatories of the agreements were PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik, and Mitsubishi Corp. President and CEO, Katsuya Nakanishi.

The agreements outlined Mitsubishi Corp.’s investment in the Malaysia LNG (MLNG) Dua and MLNG Tiga for the next decade with the extension of its 10% equity shareholding in MLNG Dua, and the reinvestment of a 10% equity shareholding in MLNG Tiga. The agreements mark the continued participation of Mitsubishi Corp. in the two ventures, along with associated marketing activities and deliveries of LNG from Bintulu to Japan.

This strategic partnership highlights Malaysia’s robust economic landscape, particularly in Sarawak, as an attractive destination for foreign direct investment.

Tan Sri Tengku Muhammad Taufik added: “PETRONAS is honoured to mark a new chapter in our long-standing relationship with Mitsubishi Corp. With our strengthened synergy, we look forward to the continued successes of MLNG Dua and MLNG Tiga, which have proven mutually beneficial for over 45 years. Together with Mitsubishi Corp. and the support of the Sarawak State Government, PETRONAS remains fully committed to ensuring the safe and reliable supply of LNG to fuel the economies of Malaysia, Japan, and our customers around the globe towards a sustainable, lower-carbon future.

Katsuya Nakanishi said, “Mitsubishi Corp. looks forward to providing continuous support in growing and nurturing access to global LNG market for PETRONAS’ future volumes with LNG being the fuel of choice in the age of energy transition. At the same time, we are excited to unlock further value through our collaboration with PETRONAS as well as with the Sarawak State Government, with whom we have achieved many historical milestones in Malaysia.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/30092024/mitsubishi-corp-and-petronas-sign-new-agreements/

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